Emerald Holding, Inc. Segments Disclosure
Note 18. Segment Information
The Company routinely evaluates whether its operating and reportable segments continue to reflect the way the CODM evaluates the business. The determination is based on: (1) how the Company’s CODM evaluates the performance of the business, including resource allocation decisions, and (2) whether discrete financial information for each operating segment is available. The Company considers its to be its CODM.
The Connections segment is the operating segment which meets the criteria to be classified as a reportable segment. The Connections reportable segment includes all of Emerald’s trade shows and other live events. The other two operating segments, which provide diverse media services and e-commerce software solutions, do not meet the quantitative thresholds of a reportable segment and did not meet the aggregation criteria set forth in Accounting Standards Codification 280 (“ASC 280”), Segment Reporting, and as such are referred to as “All Other.”
Operating segment performance is evaluated by the Company’s CODM based on Adjusted EBITDA, defined as EBITDA exclusive of stock-based compensation expense, impairments and other items. These adjustments are primarily related to items that are managed on a consolidated basis at the corporate level. The exclusion of such charges from each segment is consistent with how the CODM evaluates segment performance. The CODM considers budget-to-actual variances and year-over-year growth on a monthly basis when assessing segment performance and making decisions about allocating resources to the segments.
The following table presents a reconciliation of reportable segment revenues, other income, and Adjusted EBITDA to net (loss) income before income taxes:
|
|
Years Ended December 31, |
|
|||||||||
(in millions) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenues |
|
|
|
|
|
|
|
|
|
|||
Connections Segment |
|
$ |
423.1 |
|
|
$ |
355.1 |
|
|
$ |
340.2 |
|
All Other Category |
|
|
40.3 |
|
|
|
43.7 |
|
|
|
42.6 |
|
Total revenues |
|
$ |
463.4 |
|
|
$ |
398.8 |
|
|
$ |
382.8 |
|
|
|
|
|
|
|
|
|
|
|
|||
Other income, net |
|
|
|
|
|
|
|
|
|
|||
Connections Segment |
|
$ |
— |
|
|
$ |
1.5 |
|
|
$ |
2.8 |
|
Total other income, net |
|
$ |
— |
|
|
$ |
1.5 |
|
|
$ |
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|||
Connections Segment expenses |
|
|
|
|
|
|
|
|
|
|||
Cost of Revenues |
|
$ |
158.2 |
|
|
$ |
136.0 |
|
|
$ |
127.4 |
|
Selling, general and administrative |
|
|
93.6 |
|
|
|
78.3 |
|
|
|
78.8 |
|
Total expenses |
|
$ |
251.8 |
|
|
$ |
214.3 |
|
|
$ |
206.2 |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|||
Connections Segment |
|
$ |
171.3 |
|
|
$ |
142.3 |
|
|
$ |
136.8 |
|
Segment Adjusted EBITDA |
|
$ |
171.3 |
|
|
$ |
142.3 |
|
|
$ |
136.8 |
|
|
|
|
|
|
|
|
|
|
|
|||
All Other Category Adjusted EBITDA |
|
$ |
7.2 |
|
|
$ |
6.2 |
|
|
$ |
3.6 |
|
General corporate and other expenses(1) |
|
|
(51.4 |
) |
|
|
(46.8 |
) |
|
|
(42.6 |
) |
Interest expense, net |
|
|
(44.2 |
) |
|
|
(39.3 |
) |
|
|
(35.1 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(2.3 |
) |
Intangible asset impairment charge |
|
|
— |
|
|
|
(7.3 |
) |
|
|
— |
|
Depreciation and amortization expense |
|
|
(31.0 |
) |
|
|
(28.3 |
) |
|
|
(45.0 |
) |
Stock-based compensation expense |
|
|
(11.3 |
) |
|
|
(5.8 |
) |
|
|
(7.8 |
) |
Remeasurement of contingent consideration |
|
|
(45.8 |
) |
|
|
1.2 |
|
|
|
2.3 |
|
Other items(2) |
|
|
(16.4 |
) |
|
|
(14.7 |
) |
|
|
(12.8 |
) |
(Loss) income before income taxes |
|
$ |
(21.6 |
) |
|
$ |
7.5 |
|
|
$ |
(2.9 |
) |
The following table presents reportable and non-reportable segment cost of revenues and selling, general and administrative expenses:
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(dollars in millions) |
|
|||||||||
Cost of revenues |
|
|
|
|
|
|
|
|
|
|||
Connections Segment |
|
$ |
158.2 |
|
|
$ |
136.0 |
|
|
$ |
127.4 |
|
All Other Category |
|
|
10.4 |
|
|
|
10.8 |
|
|
|
9.6 |
|
Other items(1) |
|
|
0.1 |
|
|
|
0.7 |
|
|
|
0.6 |
|
Total cost of revenues |
|
$ |
168.7 |
|
|
$ |
147.5 |
|
|
$ |
137.6 |
|
|
|
|
|
|
|
|
|
|
|
|||
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|||
Connections Segment |
|
$ |
93.6 |
|
|
$ |
78.3 |
|
|
$ |
78.8 |
|
All Other Category |
|
|
22.7 |
|
|
|
26.7 |
|
|
|
29.4 |
|
Corporate |
|
|
51.4 |
|
|
|
46.8 |
|
|
|
42.6 |
|
Other items(1) |
|
|
73.5 |
|
|
|
18.6 |
|
|
|
17.5 |
|
Total selling, general and administrative expenses |
|
$ |
241.2 |
|
|
$ |
170.4 |
|
|
$ |
168.3 |
|
The Company’s CODM does not receive information with a measure of total assets or capital expenditures for each operating segment as this information is not used for the evaluation of operating segment performance as the Company’s operations are not capital intensive. Capital expenditure information is provided to the CODM on a consolidated basis. Therefore, the Company has not provided asset and capital expenditure information by reportable segment. For the years ended December 31, 2025, 2024 and 2023, revenues were derived from transactions in the following countries:
|
|
Years Ended December 31, |
|
|||||||||
(in millions) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenues |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
414.2 |
|
|
$ |
382.8 |
|
|
$ |
369.4 |
|
All other countries |
|
|
49.2 |
|
|
|
16.0 |
|
|
|
13.4 |
|
Total revenues |
|
$ |
463.4 |
|
|
$ |
398.8 |
|
|
$ |
382.8 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 14, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 14, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.